TSXD vs. SPXS
TSXD (Direxion Daily Semiconductors Top 5 Bear 2X ETF) and SPXS (Direxion Daily S&P 500 Bear 3X Shares) are both Inverse Equities funds from Direxion. TSXD is actively managed, while SPXS is passively managed. A 0.75 correlation means they provide meaningful diversification when combined.
Performance
TSXD vs. SPXS - Performance Comparison
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Returns By Period
In the year-to-date period, TSXD achieves a -69.35% return, which is significantly lower than SPXS's -22.26% return.
TSXD
- 1D
- -4.50%
- 1M
- -18.13%
- YTD
- -69.35%
- 6M
- -69.26%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SPXS
- 1D
- -5.08%
- 1M
- 5.33%
- YTD
- -22.26%
- 6M
- -20.12%
- 1Y
- -41.18%
- 3Y*
- -39.73%
- 5Y*
- -33.52%
- 10Y*
- -41.61%
TSXD vs. SPXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
TSXD Direxion Daily Semiconductors Top 5 Bear 2X ETF | -69.35% | -19.22% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | -22.26% | -6.12% |
Correlation
The correlation between TSXD and SPXS is 0.75, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Oct 1, 2025 | 0.75 |
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Return for Risk
TSXD vs. SPXS — Risk / Return Rank
TSXD
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
SPXS
TSXD vs. SPXS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Semiconductors Top 5 Bear 2X ETF (TSXD) and Direxion Daily S&P 500 Bear 3X Shares (SPXS). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| TSXD | SPXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 0.81 | — |
| Calmar ratioReturn relative to maximum drawdown | — | -0.93 | — |
| Martin ratioReturn relative to average drawdown | — | -1.69 | — |
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Drawdowns
TSXD vs. SPXS - Drawdown Comparison
The maximum TSXD drawdown since its inception was -78.82%, smaller than the maximum SPXS drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for TSXD and SPXS.
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Drawdown Indicators
| TSXD | SPXS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -78.82% | -100.00% | +21.18% |
Max Drawdown (1Y)Largest decline over 1 year | — | -44.24% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -84.13% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -90.11% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -99.58% | — |
Current DrawdownCurrent decline from peak | -76.38% | -100.00% | +23.62% |
Average DrawdownAverage peak-to-trough decline | -38.18% | -96.30% | +58.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 25.09% | — |
Volatility
TSXD vs. SPXS - Volatility Comparison
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Volatility by Period
| TSXD | SPXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 15.17% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 29.84% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 85.81% | 37.63% | +48.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 85.81% | 50.74% | +35.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 85.81% | 53.53% | +32.28% |
Dividends
TSXD vs. SPXS - Dividend Comparison
TSXD's dividend yield for the trailing twelve months is around 5.68%, more than SPXS's 4.37% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
SPXS Direxion Daily S&P 500 Bear 3X Shares | 4.37% | 4.93% | 6.18% | 5.66% | 0.00% | 0.00% | 0.51% | 1.74% | 0.58% |
TSXD Direxion Daily Semiconductors Top 5 Bear 2X ETF | 5.68% | 1.03% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
TSXD and SPXS have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TSXD has the higher dividend yield at 5.68%, compared with 4.37% for SPXS.
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